Of Special Interest
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- Study finds traditional financial institutions embrace Fintech disruption
- Grass is greener for environmentally friendly businesses, finds Barclays
- Prospective homeowners would consider a 40-year mortgage to escape renting, finds Santander
- Millennials’ needs are changing the face of banking industry, says new report
- FS is putting consumer data at risk by failing to protect mobile apps, says Arxan
- A lack of belief in their ability holds 28% women back in work, says Cambridge & Counties
- ‘Which?’ reveals Scotland has lost over a third of its bank branches in eight years
- Next downturn unlikely to be as bad as 2008, according to S&P
- FCA reveals findings from first cryptoassets consumer research
- US consumers favour single mobile app for banking and payments
- Banks suffering major IT shutdowns every day, ‘Which?’ reveals
- The US will be a key offshore centre in 2019, says GlobalData
- Debit industry changes markedly in 10 years of the Debit Issuer Study
- UK's ‘Big Five’ face ‘too big to compete’ as small challengers secure stellar returns
- Banks as vulnerable now as before crash, says new study
- Leverage ratio a constant conundrum for European and US banks, says SNL
9th December 2011
Sabadell buys CAM, losses guaranteed
Banco Sabadell had won the competitive auction process to acquire Banco CAM (formerly Caja de Ahorros del Mediterraneo). The Spanish rescue fund, FROB, has cleaned up the balance sheet and injected more capital. Sabadell commnts that, "Banco CAM's balance sheet was cleaned-up and strengthened prior to the acquisition, which ensures it can be integrated without impairment for Banco Sabadell's balance sheet. Banco CAM also has additional liquidity guarantees to ensure normal operation over the coming years".
Separately the central bank confirmed CAM had been sold with guarantees against future loan losses.
The acquisition is a major one for Sabadell as CAM's balance sheet is three quarters the size of Sabadell's own. On other measures CAM is close to 60% of the size of Sabadell. Geographically the branches are largely complementary creating a more nationally spread branch. As the name suggests CAM was largely focused on the Mediterranean coast line where it became too involved in property and development for its own good.